Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Have everything sorted on my side but waiting on BOI Mortgages to confirm that my previous mortgage with them was cleared (this was done end of August / start of September). Ahhh. 

They can see it on there system it is. Sounds like messing around with Solicitors head to me. Looking for documentation proof that they themselves are meant to provide to him so that he can return to them!!

My timeline:

June 2022 2 nd week of June - AIP (Second one as had to renew after previous one expired from 2021 on this week) This was a quick process took 4 days using the BOI Online Portal

June / July - Bidding on 2 property's in same area. Submitted first bid on property A (unoccupied) - right before I started the AIP process.

One house a lot of bidding - property B(occupied). Stopped on property B once it hit our budget. Second one property A we were the only bidders and owner was sitting on offer for 7 weeks. Then we just offered 5k more and it was accepted straight away.

Property A (unoccupied) - needs about 50-60k to bring to standard of Property B - but property B would have sold for at least 100k more than A. Property A is slightly larger. Only 4sq meters difference between the two

Sale Agreed 3rd week of July

August - 1st week of August - Booking Deposit

2 week of August - Life Insurance & Home Insurance

3 week of August Engineer and Valuation Reports, submitted to the Bank

4th week of August - had to amend the Home Insurance policy as rebuild cost from Valuation report was higher than I had submitted. This was a pretty simple process/update.

1st week of September - My solicitor receives first contracts from Vendor. (Both solicitors took vacation in August hence delay here)

3rd week of September - Seller had not paid a yearly LPT and needed confirmation from Local Authority that estate was in there charge

2nd week of October - Confirmation from Local Authority that estate was in there charge.

2nd/3rd week of October - Contracts for Sale between my solicitor and vendors solicitor

Issue with BOI Mortgages and BOI Life insurance re the Mortgage protection policy - they cannot see the required information even though they are the same company. BOI Mortgages cannot see that the BOI Life insurance policy will activate once the Mortgage itself is drawn down

Last week of October / today - BOI Mortgages to confirm that my previous mortgage with them was cleared (this was done end of August/ Start of September)

Take away so far. IT Systems in the banks and local authority's are way behind. A lot more automation of processes and workflows can be introduced especially within Branches of same company. Financial Crash really set Irish banks back a decade here on IT spend but there are significant timeline delays as a result.

Here's my timeline so far. I'm selling a vacant property to a FTB, given a closing date of the 4th week of November. Assuming it goes to plan it will be 13 weeks from sale agreed to closing which is pretty good considering all the delays I'm hearing about.

August

Week 1 - Contacted EA. Met at property

Week 2 - First viewing. Contacted solicitor (they requested title deeds) BER assessment completed

Week 3 - Second viewing

Week 4 - Sale agreed and deposit paid

September

Week 1 - House surveyed

Week 2 - Title deeds received by solicitor. Old works in house needed to be signed off by engineer

Week 3 - Engineer came out and signed off works

Week 4 - Solicitor sent contracts

October

Week 1 -

Week 2 - EA requested contents remaining at property

Week 3 - Solicitor answering pre-contract queries

Week 4 - Valuation. Given closing date

November

Week 1 - ?

Week 2 - ?

Week 3 - ?

Week 4 - Estimated closing date

Get other quotes. Mine last year was a fraction of that

I have only contributed once or twice to this thread. I have followed and read comments though for nearly 2 years since starting out on this journey and it has been an invaluable help and support. I got the keys of my new house on Friday morning after going sale agreed in May. There were plenty of twists and turns along the way and even up until Monday of this week it was looking in doubt but it is a surreal feeling in the end. It has been definitely one of the most stressful things I have ever done and this country makes it so so hard but my advice for everyone out there still looking is to stick with it. You will get there in the end. Best of luck to all those you are still looking and thanks everyone again for all the support.

Whoop whoop! Congratulations. I bet the relief is massive. I hope you settle in soon in your new home!

Thanks a million Thistley. Bit of cosmetic work and a lot of cleaning to do on the property but a surreal feeling.

I don't know how quickly we could draw down to be honest - all I know is that the application has been fast tracked (whatever that means in real terms I don't know).

The rate difference between the two is over 2% so the potential savings over the life of the loan are huge.

The vendor thankfully is not in a chain of purchase

I would imagine we probably would need to redo the valuation and am looking into that as we speak

No - Current offer is 10 year fixed :(

Thousands over the 10 years, never mind the life of the loan.

I would get onto the broker to go straight to loan offer with the new lender. Give them everything they need and ask for a decision date.

Get onto the seller and keep them updated. No way will they want to go back to the market, sure it could just be you again. If they're not in a chain then its just money hitting their account in January instead of November.

Any chance the lender has an insurance company they deal with, even if you've to pay a bit more in year 1.

When I was sorting my mortgage out, they setup the policy with their partner insurer in pending until closing date.

I have been wondering how you were getting on.

Again, similar experience. We signed our contracts last Thursday but the day before, the broker informed us that the other lender approved our loan. We decided to carry on with Finance Ireland as we were further in the process with them.

Our rationale was that we weren't convinced that BOI would finalise the loan quickly and they were asking really silly questions about documents that we had already provided. Also, some of the experiences on here about the drawdown length of time helped us make the final decision. We will be paying more a month but we just want the process finished with now and get moving into the house.

Just waiting on the drawdown now. 🤞

Does anyone know the turnaround time of a BER assessment report for a new build? The assessor was meant to perform the air-tightness test on Friday so we're just wondering when we can expect the report. Thanks!